China’s Real Estate Market: Performance and Prospects
China Institute of Market Economic Research, the State Council Development Research Center, Beijing, China
Abstract: Great changes have taken place in China’s real estate market during the 12th Five-year Plan period. The real estate market has shifted from being undersupplied to having an equilibrium of supply and demand with regional oversupply. Real estate risks in some cities have begun to emerge, but overall real estate risks remain controllable. Given the major changes taking place in the supply and demand of China’s real estate market and the current stage of its development, it is projected that China’s real estate investment growth will continue to slow down during the 13th Five-year Plan period and pressures on the renovation of inventory housing will intensify. According to the changes in the development of China’s current real estate market, the objectives of real estate development will be adjusted to put a higher premium on the development level, the quality of real estate development, and the improvement of housing conditions. Reform and policy adjustments should be carried out to effectively prevent real estate market risks and to achieve stable operations inside the real estate market itself.
Keywords: real estate industry, prospects, recommendations